Question
The Morris Townsend Estate received $2,000 of taxable interest income and $1,000 of tax exempt interest income. It had no expenses. The estate distributed $4,000
The Morris Townsend Estate received $2,000 of taxable interest income and $1,000 of tax exempt interest income. It had no expenses. The estate distributed $4,000 to beneficiaries. How much is its income distribution deduction?
A. $1,000
B. $2,000
C. $3,000
D. $4,000
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Intermediate Accounting Volume 1
Authors: Kin Lo, George Fisher
4th Edition
013523610X, 9780135236109
